AGMs Of Housing Societies: In Maharashtra, bye-laws govern the deadline for holding AGMs, the quorum for such meetings, and the types of business that can be transacted, as well as penalties for members who fail to attend.

In Maharashtra, bye-laws govern the deadline for holding AGMs, the quorum for such meetings, and the types of business that can be transacted, as well as penalties for members who fail to attend.

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The AGM can be held until March 2022.

Housing societies in Maharashtra can now hold their annual general meetings until March 2022. Also, the deadline for the managing committee to transact budget and appoint an auditor for the next fiscal year, as well as make a decision on the budgeted balance remaining in the audited accounts, has been extended.

Because of the COVID-19 pandemic, the state cooperatives commissioner recommended this extension because only 20% of the societies had completed their audits and budgets by August 31,2021. Furthermore, housing societies have six months from September 2021 to March 15, 2022 to hold elections.

Minimum notice period and time limit for holding the AGM

Every housing society in Maharashtra is required to hold an annual general meeting (AGM) before the 30th of September. According to the model bye-laws for cooperative housing societies. It is the responsibility of the housing society’s committee to ensure that the AGM is held within the time frame specified. The notice convening the AGM must be signed by the society’s secretary. The society’s AGM cannot be called unless members are given 14 days’ notice.

When calculating the 14-day period, the date of the notice and the date of the meeting must be excluded. Once an AGM is called, it cannot be declared invalid unless the cooperative court issues an order declaring the meeting invalid.

Housing societies in Mumbai are exempt from co-operative bank interest: ITAT

The Income-tax Tribunal (ITAT), Mumbai Bench, has ruled that interest from co-operative bank investments would be exempt in the hands of co-operative housing societies in Mumbai. As it stands, Section 80P (2)(d) of the Income Tax Act states that any income earned by a co-operative housing society through interest or dividends with another co-operative housing society, The entire income can be deducted. However, in recent years, the income tac department has taken a different stance.

AGM for COVID-19 will be held online.

As an exception and to provide much-needed relief to over 2 lakh cooperative bodies in Maharashtra, the state cabinet chaired by chief minister Uddhav Thackeray approved extending the time for holding the AGM until March 31, 2021. This followed the Coronavirus pandemic, which rendered the AGM impossible to hold by September 30, 2020. In a revised notification issued on March 23, 2021. The Maharashtra government has now allowed all cooperative housing societies to hold online AGMs until December 31, 2021. The state has granted a second extension. Until further notice, the audit report can be completed by the end of December.

 AGMs Of Housing Societies: The AGM Quorum

The law requires that a certain number of members, known as the meeting’s quorum, be present in order to conduct business at the AGM. To constitute a quorum for the AGM. A minimum of two-thirds of the total number of members, up to a maximum of 20. Must be present. As a result, small societies may find it difficult to maintain quorum. In large societies, even a small percentage of the total membership can add up to 20 members present at a meeting and constitute a quorum.

If a quorum is not present within half an hour of the appointed time. The meeting will be adjourned to a later hour on the same day or to a later date that cannot be earlier than seven days and cannot be later than 30 days from the original date of the AGM. There is no requirement for a quorum at the adjourned meeting. The mere presence of one person at the adjourned meeting. However, does not constitute a meeting. And thus a minimum of two members must be present even at the adjourned meeting.

 AGMs Of Housing Societies : The AGM will conduct business.

The main purpose of a society’s AGM is for the members to adopt and approve the society’s annual accounts and to receive an annual report on the society’s affairs. At the AGM, the auditors of the society are also elected. In addition to the items listed above. The AGM may consider any other matter, even if it is not listed in the notice.

However, unless proper notice is given, members are not permitted to conduct any of the following business at the AGM:

• Members of society are expelled.
• Amendment to the society’s bylaws
• Societal bifurcation, amalgamation, or division
• Transfer of the society’s property

If the business on the agenda of the society’s general meeting is only partially completed. The meeting can be postponed to any other date agreed upon by the members present. Which should not be later than 30 days from the original AGM.

What if a member fails to attend the AGM?

The Maharashtra government removed the ‘inactive member’ provision from Section 26 of the Maharashtra Cooperative Societies Act. 1960 in August 2021. Allowing all eligible members of the society to vote in society elections held on or before March 31, 2022. Regardless of whether they attended general body meetings.

With this change. The 2018 ruling that ‘inactive members’ cannot vote or run in housing society elections is no longer valid. The Maharashtra government amended Section 26 of the Maharashtra Cooperative Societies Act, 1960, in 2018. which stated that any member of the society who did not attend five consecutive general body meetings would be considered a “inactive member.” As a result, he would lose his membership rights. Including the ability to run for office and vote.

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